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Debenhams has gone in to liquidation

Financial_Markets

Markets summary

The Maltese market closed in the green on Monday, with the MSE total index ending the session 1.357% higher to 7,602.406 points. The best performer was International Hotel Investments plc by adding 9.65% to close at 0.625, followed by 5.83% rise of Medserv plc and 4.76% jump of MaltaPost with a closing price of 0.545 and 1.10 respectively. The biggest and only one fall was seen from Malta Properties Company plc with a drop of 4.47% to close at 0.492.

Investors booked some profits at the end of a very strong month for European shares, while keeping a wary eye on Covid-19 vaccine news and on the back of weaker oil prices ahead of a meeting of oil producers and Brexit trade talks. The pan- European Stoxx 600 index was off 0.98% at 389.36, alongside a 1.42% drop to 5,518.55 for the French Cac-40 and a 1.3% decline for the FTSE Mibtel to 22,060.98.

Wall Street stocks closed firmly in the red on Monday following a record-setting Thanksgiving week. At the closed, the Dow Jones Industrial Average was down 0.91% at 29,638.64, while the S&P 500 was 0.46% weaker at 3,621.63 and the Nasdaq Composite saw out the session 0.06% softer at 12,198.74.

UK retailer Debenhams to be liquidated

British department store retailer Debenhams is to start a liquidation process that will see its stores close and the potential loss of 12,000 jobs, dealing another hammer blow to the country’s retail sector during the COVID-19 pandemic.

Debenhams administrators FRP Advisory said the decision to wind-down Debenhams followed its failure to find a buyer.

JD Sports Fashion confirmed on Tuesday it would not make an offer for the group.

The collapse of Debenhams, which trades from 124 UK stores, comes a day after Philip Green’s Arcadia fashion group entered administration, threatening about 13,000 jobs.

FRP said Debenhams will continue to trade through its UK stores and online to clear its current and contracted stocks.

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.